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From my understanding, assuming your plan allows the Rule of 55, the withdrawal options would inherently default to whatever your plan provider/administrator currently allows (monthly, qrtly, etc.). That being said, I've always pondered how a documented IRS Reg could be "trumped" by lower tier...

Greetings Tommy from Westminster MD......DW and I are 57 w/two yrs before FIRE, we have made double mortgage payments on a re-fi of 15 yrs 2.2%, just don't want to pay that nut in retirement, at the current rate we should have it done in 1.5. Actually, we're considering just taking out cash and...

Thank you all for the responses and as usual the input was extremely helpful. Questions answered. Thanks once again, what a site!!!!!!!

We plan to FIRE in 2 years @ 59 yo. The plan is to use cash savings the first two years of FIRE, during which we would like to do Roth conversions since our tax base will effectively be zero thus triggering little to no tax on the conversions if we stay below certain limits. My queries are: 1...

St Pete / Treasure Island We had visited the St Pete /Treasure Island area several times since my Sister I-L moved there 5 years ago. We love the area and waterfront life style. (we are currently in MD) Three years ago we purchased in north St Pete Beach, bought a 3 bdrm condo on the...

Thanks to all for the quick replies. Have converted the Roth 401k to pre-tax, and will max everything out. Having payroll deduct an additional $250 per month, and will continue quarterly additional lump payments. I agree, not the worst of problems to have but still hard to swallow. Will wait...

LOL - yeah me too....we have only ever paid the last two years....wife had a larger than expected increase and larger bonuses, so all this occurred rather quickly.....need to re-think that strategy ehh :)

2017ish- thanks....I had that same issue with the CPA' suggestion, just let payroll handle the additional tax contribution. I think I may re-think the ROTH 401k, seems the obvious low hanging fruit, then do back doors after FIRE in 2 yrs (both 57 now)

LOL- Thanks for the reply- Wife maxes hers 401k out. I did Roth 401k as a tax diversification means, since we can't do standard Roth. Yes, we plan to do some back door after FIRE since the tax brackets will be lower. Maybe I need to re-think this strategy and convert to pre-tax 401k, then just...

jwkde - actually none.....just w-2

Suggestions from the wise(r) needed: We rec'd out CPA's income tax returns last night and again owe the Feds $11,287 ($7K last yr). Our CPA's simple suggestion was to up our quarterly additional tax payments by $3k (we do $500 qrtly payments now). Current scenario. 2016 Gross income =...

DW and I purchased a condo 3 years back on Blind Pass, just down from Sea Hags, not there full time , still in MD but get there 5-6 times a year....luv it. B-T-W also luv Brighthouse C/S, best I ever dealt with......1.5 years to go

My B-I-L told me he and his DW are planning to go to Raymond James to have their retirement plan assessed, commented on, and further advised on. I told him to make sure they get a fee only (hrly fee preferable) just for one time "review". Any good articles on here about the pitfalls and be...

Thanks to all for the commentary

Thanks pb4uski & FreeBear - Luckily the other kids are grown and gone with homes of their own, just the one left. Luckily the pre-tax 401k allows the 55 Rule and we will watch the equity stake but plan to up that exposure like yourself after a couple years of seeing how it goes. No other...

Bigdawg, thanks for the reply. The mortgage as noted above will be paid off prior to retiring so good there. The $85k initially takes into account the two residences (for safety sake) once we sell the primary in about 4 years those expenses will come down a good deal.

Hi all, been some time since I posted anything. Looking for the collective wisdom on here to provide insightful commentary, suggestions, advice. Scenario: > Expenses - Will require $85,000 pre-tax post RE (assuming 15% tax or less) This is everything from taxes to wife's hair appts. >...

I'm running Firecalc several different ways and adjusting for variable scenarios, am I to assume there is no functionality within the site which predicts estimated taxes based on today's tax environment? I have been plugging my expenses in which do include future tax estimations, just want to...

I'm in the same boat. DW 56, Me 56, one kid left starting college this month. All analysis says we can go, but she says not w/kid is college (which is paid for thru MD college trust 4 yrs) She doesn't believe my numbers crunching so, I plan to schedule a fee only advisor mtg to review my...

I have ran several FC scenarios all with 100% success however, in a couple scenarios the output table says the following " Since you selected the crystal ball option for every year, every year either succeeded or failed, so it's 0% or 100%, FC found 0 cycles failed--- the portfolio was depleted...

The substantially equal periodic payments is related to 72T withdrawal. Your planner is correct. Just google Rule of 55 401k. My plan is silent on the language (Vanguard) and the HR reps indicate they follow IRS regulatory rules. I did speak to an attorney who indicated regardless of what Plan...

As usual some very sound & sage advice and would seem my query is answered. I was under the impression the rule stated that access to 401k after 55 had to be from the last employer of record with a 401k balance. I thought i could skirt this by signing up a ROTH w/new employer since it's...

Unfortunately I have be released by mega corp after a re-org last month, happily though, I have joined yet another mega corp:(. I'm familiar w/the rule of 55 with 401k's and that it applies to the last corp you were with upon retirement. My query is this; I have a sizable 401k with the company...

Thanks to all for the responses

As of yesterday megacorp provided me my 60 day RIF notice. I'm currently 55.5 YO. My question is this: For the sake of 401k early withdrawals w/o penalty, would a RIF be considered "early retirement" for the sake of this rule? Or, would i need to alter the RIF scenario and formally announce...